The Czech businessman, whose recent French investments include a stake in daily Le Monde, described Casino as “one of the European leaders best placed to respond to the sector’s profound transformation,” according to the company’s statement.

The move comes as Casino is seeking to sell assets and ease concern over its heavy debt load. In May, parent companies including Rallye, received protection from creditors as they try to avoid the group’s collapse. (Reporting by Inti Landauro and Pascale Denis; Editing by Laurence Frost)